NEWS BITES - MIDDLE EAST & NORTH AFRICA
www.buysellsignals.com
Ooredoo Q.S.C. (QE: ORDS QAR10.73) ranks 11 in the Top 20 by dividend yielding stocks in the QE Index of 21 stocks.
Ooredoo Q.S.C. is Qatar's largest Telecommunication company by market cap.
Past 12 months DPS: 43.0 Dirham;
Last price: QAR10.73; Dividend yield: 4.0%;
Financial News
Quarterly Report (Q2/2023):
Release Date: August 14, 2023
Quarterly Report Analysis Q2 2023: Ooredoo Q.S.C. reports 13% sequential fall in Quarterly Net Profit
Ooredoo Q.S.C. (QE:ORDS), announced net profit of QAR834m ($229m) for the quarter-ended 30 June 2023 [Q2/2023], down 13% from the previous quarter [Q1/2023] and up 0.9% from the year-earlier period [Q2/2022]. Earnings per share (EPS) were down 13.3% sequentially from 30.0Dirham (US8.24c) in Q1/2023 to 26.0Dirham (US7.14c) in Q2/2023.
Quarterly Report (Q2 2023)
| Quarter-ended | 30 Jun [Q2/2023] | 31 Mar [Q1/2023] | 30 Sep [Q3/2022] |
| EPS, Dirham | 26.0 | 30.0 | 18.0 |
| Sequential growth in EPS % | -13 | - | -28 |
| Revenue, QAR billion | 5.8 | 5.7 | 3.4 |
| Revenue, $ | 1.6billion | 1.6billion | 929million |
| Sequential growth in Revenue % | 1.4 | - | -40.4 |
| Net Profit, QAR million | 834 | 961 | 574 |
| Net Profit, $ million | 229 | 264 | 158 |
| Sequential growth in Net Profit % | -13.1 | - | -29.6 |
Compared with the Previous Corresponding Period [PCP; Q2/2022], year-over-year [y.o.y.] Revenue was up 4.2% and Net Profit was up 0.9%.
| Quarter-ended | 30 Jun [Q2/2023] | 30 Jun [Q2/2022] |
| Revenue, QAR billion | 5.8 | 5.5 |
| Revenue, $ billion | 1.6 | 1.5 |
| PCP growth in Revenue % | 4.2 | -36.2 |
| Net Profit, QAR million | 834 | 827 |
| Net Profit, $ million | 229 | 227 |
| PCP growth in Net Profit % | 0.9 | - |
OOREDOO Q.S.C. (ORDS) Stock Dashboard [traded in Qatari Riyal, QAR] End-of-Day
| Exchange | QATAR [Doha] | Ave Daily Volume | 1,206,977 shares |
| Currency | 1.000 USD = 3.64 Qatari Riyal (QAR) | 52-Week Price Range | 8.02 - 11.99 |
| Sep 25, 2023 | QAR10.73 | Sector | Telecommunication |
| EPS (FY2022) | 74.0 Dirham | Market Cap | QAR34 billion [US$9 billion] |
| ORDS P/E | 10.7 | Shares Outstanding | 3,203,200,000 |
| ORDS Dividend Yield % (TTM) | 4 | % Held by Top 9 Shareholders | 78.8 |
| DPS (past 12 months) | 43 Dirham | ORDS in Indices | QE [of 21 stocks] |
| EPS Growth (Q2 2023 vs Q1 2023) | -13.3% | PVQAR1000 (1 yr) PVUS$1000 (1 yr) | QAR1,351 US$1,351* |
*If You Invested $1,000 in Ooredoo Q.S.C. a year ago, This is How Much You Would Have Today: $1,351. USD1000 would have bought QAR2,282 for 438.2 shares (@the then price of 8.31) worth QAR1,351 @10.73 today. Dividends reinvested are worth $59.
INDEX
SECTION 1 TODAY'S BEARISH SIGNALS
SECTION 2 ONGOING BEARISH PARAMETERS
SECTION 3 TODAY'S BULLISH SIGNALS
SECTION 4 ONGOING BULLISH PARAMETERS
SECTION 5 CORPORATE PROFILE
APPENDIX I DATA & ARCHIVE DOWNLOAD CENTER
APPENDIX II OTHER LISTINGS AND STOCK IDENTIFIERS
GLOSSARY
SECTION 1 TODAY'S BEARISH SIGNALS
1.1 Rank in the bottom 23% by Relative Valuation in the Qatar market
| Description | Value | Rank |
| P/E * P/NTA | 41.63 | In Bottom 23% |
| Price to Book Value | 3.9 | In Bottom 6% |
1.2 Rank in the bottom 17% by Price Performance in the Qatar market
| Description | Value | Rank |
| 1-month Price Change % | -6.1 | In Bottom 17% |
1.3 Downtrend
Beta < 1 combined with price fall. The Beta of the stock is 0.7.
Negative MACD:
- The Moving Average Convergence Divergence (MACD) indicator of 12-day Exponential Moving Average (EMA) of 10.76 minus the 26-day EMA of 10.87 is negative, suggesting a bearish signal. Both the 12-day EMA as well as the 26-day EMA are falling, another bearish signal.
Past Month:
- Falls to Rises: In the past month the number of falls outnumbered rises 14:6 or 2.3:1.
Past Quarter:
The Worst 3 weeks in the past quarter
In the past quarter the steepest fall of 2.5% took place in the week beginning Sunday September 03.
| Sun-Thu | Change % | QE Index Change % | Vol Ind [1 is avg] |
| Sep 03-07 | -2.5 | -0.7 | 0.5 |
| Aug 13-17 | -1.6 | -1.6 | 0.3 |
| Jul 30-Aug 03 | -1.4 | -0.5 | 0.4 |
1.4 Other Bearish Signals
- Return on Equity of 9.8% versus sector average of 10.9%.
- As per the Du Pont analysis, Return on Equity of 9.8% is lower than sector average of 10.9%. This is computed as net profit margin of 11.9% times asset turnover [sales/assets] of 0.37 times leverage factor [total assets/shareholders' equity] of 2.2.
SECTION 2 ONGOING BEARISH PARAMETERS
2.1 Rank in the bottom 13% by Performance in the Qatar market
| Description | Value | Rank |
| Net Profit Margin % | 11.9 | In Bottom 13% |
2.2 Present Value of QAR1000 Invested in the Past 3 Months; The Worst Period with PVQAR1000 < 990
| PVQAR1,000 | 3 mo ago |
| ORDS.QE | QAR989 |
| Telecommunication sector | QAR987 |
| QE Index | QAR1,034 |
2.3 Past quarter: price fall of 1.1%
3-Month price change of -1.1% for Ooredoo Q.S.C. underperformed the change of 1.4% in the QE Index for a relative price change of -2.5%.
| Price Change % | Quarter |
| Ooredoo Q.S.C. | -1.1 |
| Telecommunication sector | -1.3 |
| QE Index | 1.4 |
2.4 Stock vs Index (Annual Percentage Change)
| December 31 | Last price in QAR | Annual Return | Return of QE Index |
| 2022 | 9.0 | 37.1 | -8.6 |
| 2021 | 6.6 | -5.6 | 11.8 |
| 2020 | 7.0 | 8.7 | -0.1 |
| 2019 | 6.4 | -0.5 | 1.5 |
| 2018 | 6.5 | - | - |
Over 5 years Ooredoo Q.S.C. is up a total 40.0% at an annualized rate of 8.8% compared to the Index being up 3.7% at an annualized rate of 0.9%.
Ooredoo Q.S.C. has outperformed the QE Index in 2 of the past 5
years: 2022, 2020.
2.5 % Growth in EPS & RPS
EPS growth: Sequential EPS growth (Q2 vs Q1, 2023) was down 13.3%. FY EPS growth (FY2022 vs FY2021) was up 7300.0%.
RPS growth: Sequential growth in Revenue per share (Q2 vs Q1, 2023) was up 1.4%. FY growth in Revenue per share (FY2022 vs FY2021) was down 27.7%.
(All figures in %)
| Sequential growth in EPS (Q2 vs Q1, 2023) | -13.3 |
| Sequential growth in RPS (Q2 vs Q1, 2023) | 1.4 |
| FY growth in EPS (FY2022 vs FY2021) | 7300.0 |
| FY growth in RPS (FY2022 vs FY2021) | -27.7 |
2.6 Quarterly Trend in Revenue, Net Profit and Net Profit Margin:
- Net Profit margin is positive but falling in recent quarters. [All figures in %]
| Qtr-ended | Revenue Growth | Net Profit Growth | Net Profit Margin |
| Jun 23 [Q2 vs Q1] | 1.4 | -13.1 | 16.8 |
| Mar 23 [Q1 vs Q3] | - | - | 20 |
SECTION 3 TODAY'S BULLISH SIGNALS
Price/Earnings:
Ooredoo Q.S.C. stock is trading at the seventh lowest P/E multiple in the QE Index.
Earnings Yield
- The earnings yield of 9.3% is 2.3 times the 10-year bond yield of 4.03%.Ooredoo Q.S.C. stock is the eleventh highest dividend yielding stock in the QE Index.
3.1 PAST WEEK: WEAK MOMENTUM UP
ORDS strengthens 1.0% on weak volume 0.5 times average. Compared with the QE Index which fell 53.8 points (or 0.5%) in the week, the relative price increase was 1.6%.
Ooredoo Q.S.C. (ORDS) outperformed the QE Index in 4 out of 5 days. The price ranged between a high of QAR10.80 on Thursday Sep 21 and a low of QAR10.68 on Tuesday Sep 19.
| Sep | Ooredoo Q.S.C. | Close [QAR] | Change % | Comment |
| Mon 25 | Offers dividend yield of 4% | 10.73 | -0.4 | Steepest Fall |
| Sun 24 | Decreases | 10.77 | -0.3 | Price/MAP50 below 1 |
| Thu 21 | Offers earnings yield of 9.3% | 10.8 | 0.2 | Price rise on rising relative strength |
| Wed 20 | Strengthens above moving average price | 10.78 | 0.9 | Top Rise; RPC=1.0% |
| Tue 19 | Offers dividend yield of 4% | 10.68 | 0.6 | Price rise on rising relative strength |
* RPC - Relative Price Change is % price change of stock less % change of the QE Index.
3.2 Rank in the top 14% by Relative Valuation in the Qatar market
| Description | Value | Rank |
| Cash to MCap % | 39.4 | In Top 14% |
3.3 Rank in the top 8% by Price Performance in the Qatar market
| Description | Value | Rank |
| PV1000 [1 yr] $ | 1,351 | In Top 8% |
3.4 Uptrend
Price/Moving Average Price of 1.1:
- The Price/MAP 200 for Ooredoo Q.S.C. is 1.1. Being higher than 1 is a bullish indicator. It is higher than the Price/MAP 200 for the QE Index of 0.97, a second bullish indicator. The stock is trading above both its MAPs and the 50-day MAP of QAR11.11 is higher than the 200-day MAP of QAR9.73, a third bullish indicator.
Past Quarter:
- In the last three months the stock has hit a new 52-week high twice.
3.5 Other Bullish Signals
MCap/Total Assets:
- Tobin's Q Ratio, defined as MCap divided by Total Assets, is 0.6. Compared with the rest of the market the stock is undervalued.
- The company is cash rich with Cash to Market Capitalisation at 39.4%.
- Net profit margin has averaged 6.7% in the last 3 years. This is better than the sector average of 4.2% and suggests a high margin of safety.
SECTION 4 ONGOING BULLISH PARAMETERS
4.1 Growth in annual dividends per share and earnings per share
- Ooredoo Q.S.C. sees dividend rise for a second consecutive year
Ooredoo Q.S.C. reported dividends per share of 43.0 Dirham in the past year, up 43.3% from the previous year. This is the second consecutive dividend increase. In the past 2 years average annual compound growth rate of dividends was 31.1%.
- EPS growth [FY2022 vs FY2021] of 7,300.0%:
| FY | EPS ( Dirham) | Growth % |
| 2022 | 74.0 | 7,300.0 |
| 2021 | 1.0 | -97.1 |
4.2 Past three-years
- The shares extended their rose from 35.27 Dirham (5.7%) 2 years ago to QAR1.78 (27.3%) a year ago.
- Ooredoo Q.S.C. rose for a third consecutive year. In the past three years it has risen QAR4.56 (73.9%).
4.3 Rank in the top 8% by Size in the Qatar market
| Description | Value | Rank |
| Tr 12 months Revenue | QAR20.4 billion ($5.6 billion) | In Top 8% |
4.4 Rank in the top 25% by Productivity in the Qatar market
| Description | Value | Rank |
| Return on Capital Employed [ROCE] % | 6.7 | In Top 25% |
4.5 Present Value of QAR1000 Invested in the Past [1 Yr, 3 Yrs]; The Best Periods with PVQAR1000 > 1,350
| PVQAR1,000 | 1 yr ago | 3 yrs ago |
| ORDS.QE | QAR1,351 | QAR1,970 |
| Telecommunication sector | QAR1,221 | QAR1,527 |
| QE Index | QAR825 | QAR1,046 |
4.6 The Best Periods [1 Yr, 3 Yrs] with Price Change % > 29.1
3-Year price change of 73.9% for Ooredoo Q.S.C. outperformed the change of 4.5% in the QE Index for a relative price change of 69.3%.
| Price Change % | Year | 3 Years |
| Ooredoo Q.S.C. | 29.2 | 73.9 |
| Telecommunication sector | 19 | 52.7 |
| QE Index | -19.2 | 4.5 |
4.7 MCap: 5-Year Increase of QAR13 B [$4B] (60%)
In the past 5 years Market Capitalization has increased by QAR12.9 billion (60%) from QAR21.4 billion to QAR34.4 billion. Based on a dynamic start date of 5 years ago, there has been only 1 decline in MCap over the last 5 years.
| Price | MCap (QAR B) | MCap ($ M) | |
| Last | QAR10.73 | 34.4 | 9,442.4 |
| 1 Year ago | QAR8.31 | 27.8 | 7,647.2 |
| 2 Years ago | QAR6.52 | 22.7 | 6,248 |
| 3 Years ago | QAR6.17 | 22.3 | 6,116 |
| 4 Years ago | QAR6.26 | 23.5 | 6,459.2 |
| 5 Years ago | QAR5.50 | 21.4 | 5,889 |
4.8 Created Market Value [CMV] past 8 yrs of QAR12.5 billion ($3.4 billion)
- Market Capitalization has increased by QAR17 billion from QAR17.4 billion to QAR34.4 billion in the last 8 years. This increase comprises cumulative retained earnings (RETE) of QAR4.5 billion and Created Market Value of QAR12.5 billion. The Created Market Value multiple, defined by the change in MCap for every QAR1 of retained earnings is exemplary at QAR3.77.
4.9 Annualised Period-based Total Shareholder Returns [TSR %]: The Best Periods with TSR > 8.4%
| TSR % | 1 yr | 3 yrs | 5 yrs | 10 yrs |
| ORDS.QE | 35.1 | 25.1 | 19.3 | 8.5 |
4.10 Improved EBIT Margins:
EBIT margin is positive and has increased from 5.6% to 13.8% in the past year.
| FY | EBIT Margins (%) |
| 2022 | 13.8 |
| 2021 | 5.6 |
| 2020 | 5.6 |
| 2019 | 8.8 |
| 2018 | 7.6 |
4.11 Increased Volume, up 250% in 5 years
In the past five years, Average Daily Volume of Trading (ADVT) has increased 249.7% to 1.2 million shares.
Avg. Daily Volume Traded 12 months ended Sep 25, million shares
| Year | ADVT |
| 2023 | 1.2 |
| 2022 | 1.3 |
| 2021 | 1.4 |
| 2020 | 1.4 |
| 2019 | 0.35 |
4.12 Increased VWAP, up 64% in 5 years
In the past five years Volume Weighted Average Price (VWAP) has increased by 63.5% to QAR9.56. Based on a dynamic start date of five years ago, there have been declines in VWAP in 2 out of 5 years.
Past five years, 12 months ended Sep 25 (QAR)
| Year | High Price | VWAP | Low Price |
| 2023 | 11.99 | 9.56 | 8.02 |
| 2022 | 9.56 | 6.99 | 6.07 |
| 2021 | 7.99 | 6.55 | 5.68 |
| 2020 | 6.4 | 5.76 | 4.26 |
| 2019 | 6.83 | 5.85 | 5.11 |
4.13 Increased share turnover, up 97% in 5 years
In the past five years, average daily share turnover has increased 97.4% to QAR11.2 million ($3.1 million). This suggests increased liquidity.
Past five years, 12 months ended Sep 25 (QAR million)
| Year | Average Daily Turnover |
| 2023 | 11.2 |
| 2022 | 8.9 |
| 2021 | 8.7 |
| 2020 | 7.5 |
| 2019 | 5.7 |
4.14 Satisfies 5 out of 9 criteria of Joseph Piotroski [pass mark 5]:
- Positive net income.
- Positive operating cashflow.
- Return on Assets improvement [from 1.4% to 4.5%].
- Good quality of earnings [operating cashflow exceeds net income].
- Total shares on issue unchanged.
But does not meet the following 4 criteria of Joseph Piotroski:
- Improvement in long-term debt to total assets.
- Improvement in current ratio.
- Improvement in gross margin.
- Improvement in asset turnover.
SECTION 5 CORPORATE PROFILE
5.1 Activities
Ooredoo Q.S.C. is a provider of domestic and international telecommunication services to residential and business users. The Company offers landline, mobile, cable television and Internet services to personal users and businesses. It is Qatar's largest Telecommunication company by market capitalisation.
5.2 Contact Details
| Website | http://www.qtel.com.qa |
| Physical Address | Cornish St. - West Bay - Doha 217 |
| Phone | 4400400 |
| Fax | 4830011 |
| info@qtel.com.qa |
5.3 Industry & Sector [of 2 stocks]
| Classification Level | Name of Sector |
| Economic Sector | Telecommunication Services |
| Business Sector | Telecommunications Services |
| Industry Group | Telecommunications Services |
APPENDIX I DATA & ARCHIVE DOWNLOAD CENTER
ORDS: EXCEL TABLES ARE AVAILABLE TO EXPORT DATA:
+ PRICE VOLUME - 5-YEAR HISTORY
+ FINANCIALS - 10-YEAR HISTORY [INCLUDING Q2/2023]:
+ PEER COMPARISON - STOCK IN QE INDEX
ORDS: LINKS IN HTML TO FURTHER INFORMATION:
+ NEWS ARCHIVES - ORDS PAST 4 YEARS IN HTML:
APPENDIX II OTHER LISTINGS AND STOCK IDENTIFIERS
II.1 Primary Exchange and Other Listings: Trading Currency and Volume
| Exchange | Ticker | Currency | Last | ADVT | Vol % of Total | Today's VI |
| Doha | ORDS | QAR | 10.73 | 1,206,907 | 54.5 | 0.4 |
| Muscat | ORDS | OMR | 0.38 | 444,860 | 45.5 | 0.9 |
| Total | 100.00 |
1 QAR [Qatari Riyal]= 0.1055 OMR [Omani Rial]
ADVT= Avg. Daily Volume of Trading; VI= Volume Index (1 is avg)
II.2 Stock Identifiers
ISIN: QA0007227737
PermID: 4295886938
RIC: ORDS.QA
GLOSSARY
ADVT: Average Daily Volume of shares Traded
Annual Return: Dividends Paid In a 12-Month Period/Price at the Beginning of the Period + Capital Gain or Loss over 1 Year/Price 1 Year Ago (%)
Cash/MCap: Cash plus Liquids/Market Capitalisation (times)
Current Ratio: Current Assets/Current Liabilities (times)
Debt/Equity: Net Debt/Net Assets %
Dividend Yield: Dividend Per Share/Share Price (%)
EBIT Margin : Earnings Before Interest and Tax/Revenue (%)
Earnings Yield: Earnings Per Share/Share Price (%)
Income during the n years (3/2/1): Dividends received during the Period
Moving Average Price (n periods): Sum of Prices for each Period/Number of Periods
PV1000: Present value of 1000 invested 1 year/'n' years ago
Price Close/Moving Avg Price: Latest Price/Moving Average Price
Price/Earnings: Share Price/Earnings Per Share (times)
Price/NTA: Closing Share Price/Net Tangible Assets Per Share (times)
Price/Sales: Share Price/Sales Per Share (times)
Relative Price Change [RPC]: Relative price change is price change of stock with respect to Benchmark Index
Relative Strength (6 Months): Price close today/Price close 6 months ago, then ranked by percentile within the entire market.
Return on Assets: Net Profit/Total Assets (%)
Return on Equity (Shareholders' Funds): Net Profit/Net Assets (%)
TSR: Total Shareholder Returns is expressed as an annualized rate of return for shareholders after allowing for capital appreciation and dividend
TTM: Trailing 12 Months
Total Liabilities/Total Assets: Total Liabilities/Total Assets
Volume Index (VI): Number of shares traded in the period/Average number of shares traded for the period
Volume Weighted Average Price (VWAP): The Volume Weighted Average Price (VWAP) is the summation of turnover divided by total volume in the same period.
Disclaimer: While this document is based on information sources which are considered reliable, it has been prepared without consideration of your specific investment objectives, financial situation or needs, so you should carry out your own analysis or seek professional investment advice before an investment decision is made. The document contains unbiased, independent equities data and analysis from Jupiter International (Australia) Pty Ltd trading as BuySellSignals (AFS Licence 222756), who provide round the clock analysis on every stock, every sector, every market, every day. BuySellSignals is not a broker, and does not have executing, corporate advisory or investment banking functions. Jupiter International (Australia) Pty Ltd, its directors, employees and contractors do not represent, warrant or guarantee, expressly or impliedly, that the information contained in this document is complete or accurate.
Data for the BuySellSignals algorithms is drawn from annual reports, company websites and similar sources of publicly available data. It should be used as a guide only.
Created by www.buysellsignals.com